You can finance up to the original purchased price + closings costs/prepays on the new loan, capped at no more than 70% of the new appraisal.http://www.biggerpockets.com/forums/49/topics/71009-conventional-mtg-delayed-financing-rule-successHave you called ALL your area banks and CU's to determine if anyone will do a cash-out refi portfolio loan (in-house loan that they hold on their books) using a new appraisal with no (or minimal) ownership seasoning requirements.As far as secondary market loans (Fannie/Freddie, ie. the 30 year fixed stuff): Citimortgage has no minimum loan size, for one, though most originators certainly do set a minimum.Local banks do not make portfolio loans for 30 year fixed, whether it's owner-occ or non owner-occ.

And brings unrecaptured depreciation tax into play.I think professional help is essential to minimizing taxes for real estate.

Or just a conversation/elevator pitch with a business card?

I have been to a couple of real estate workshops and they were very informative but each one seamed like a sells pitch to get me to pay for the next bit of information and ultimately in the end I would have to pay over 20K to get the information needed to start my business.

Odessa, the adjacent city is has also maintained the high demand for housing as Midland, causing minimal price reductions from two years ago.

They gave me the pitch about how much the donation of the house helps, and then mentioned that in addition to all the great things the donation provides to workers, the planet and the community, that I can also get a tax benefit from it (yes, I knew this).

There is quite a bit of equity in the home and it only needs minimal upgrades and repairs.

I don't view the 4 mortgage overlay as that big of a problem.After you get 4 in your name, you get 4 in wife or partners name.Not all banks do the 4 mortgage overlay, FNMA is actually 10, so substitute 10 for 4 in first two paragraphs above.Then you get portfolio mortgages, was just pitched one recently for 5% interest at 80% LTV. 

@MARK MONTANO, a pro forma is often used to pitch a project to investors.

I am currently chronically listening to Pitch Anything (a recommendation found here).